The Demand for Microwaves in a Certain Country Is Given

question 10

Multiple Choice

The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, the domestic quantity demanded will be ________ and quantity supplied will be ________.

• A)5,000; 5,000
• B)6,000; 4,000
• C)6,500; 3,000
• D)6,500; 4,500

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Definitions:

Box Plot

A graphical representation that displays the distribution of data based on a five-number summary: minimum, first quartile, median, third quartile, and maximum.

Mean

The mean of a number set, determined by dividing the sum of all the values by the total count of values.

Interquartile Range

A measure of variability that describes the range within which the middle 50% of a data set lies, calculated as the difference between the 75th and 25th percentiles.

Variability

Variability refers to the extent to which data points in a distribution differ from each other and from the mean of the distribution.